SEB Asset Management AB Makes New Investment in SBA Communications Corporation $SBAC

Key Points

• SEB Asset Management AB opened a new position in SBA Communications during the first quarter, buying 20,596 shares worth about $3.545 million.
• Institutional ownership remains extremely high, with 97.35% of the stock held by institutions and hedge funds. Several large investors also increased their stakes recently.
• Analysts currently have a Moderate Buy consensus on SBAC, with an average price target of $235.28, while the stock recently traded at $178.02 and yields about 2.8% from its quarterly dividend.

SEB Asset Management AB acquired a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 20,596 shares of the technology company's stock, valued at approximately $3,545,000.

Other institutional investors also recently bought and sold shares of the company. Dodge & Cox lifted its holdings in shares of SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company's stock valued at $2,320,412,000 after purchasing an additional 2,328,837 shares during the last quarter. State Street Corp grew its stake in SBA Communications by 3.3% during the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company's stock worth $950,054,000 after buying an additional 158,738 shares during the last quarter. Geode Capital Management LLC increased its position in SBA Communications by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company's stock valued at $594,655,000 after buying an additional 16,153 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company's stock valued at $393,615,000 after buying an additional 179,591 shares during the last quarter. Finally, Invesco Ltd. raised its stake in SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company's stock valued at $351,082,000 after buying an additional 9,656 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Scotiabank upped their price target on shares of SBA Communications from $223.00 to $230.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. Royal Bank Of Canada dropped their price objective on shares of SBA Communications from $245.00 to $210.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. The Goldman Sachs Group initiated coverage on SBA Communications in a research report on Friday, June 26th. They issued a "neutral" rating and a $205.00 target price on the stock. KeyCorp lifted their price target on SBA Communications from $235.00 to $250.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Wells Fargo & Company raised SBA Communications from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $220.00 to $210.00 in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $235.28.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $178.02 on Thursday. The firm has a fifty day moving average of $193.18 and a 200 day moving average of $195.12. The firm has a market cap of $18.88 billion, a PE ratio of 18.74, a PEG ratio of 1.77 and a beta of 1.00. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.8%. SBA Communications's dividend payout ratio (DPR) is currently 52.63%.

SBA Communications Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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